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6.5 Carrying basis
Publication date: 30 Nov 2020
us IFRS & US GAAP guide
The ability to revalue assets (to fair value) under IFRS might create significant differences in the carrying value of assets as compared with US GAAP.
US GAAP | IFRS |
US GAAP generally utilizes historical cost and prohibits revaluations except for certain categories of financial instruments, which are carried at fair value.
| Historical cost is the primary basis of accounting. However, IFRS permits the revaluation to fair value of some intangible assets; property, plant, and equipment; and investment property and inventories in certain industries (e.g., commodity broker/dealer).
IFRS also requires that biological assets (except bearer plants) be reported at fair value less costs to sell.
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